投資者的投資的目的是為了增加財富，然而他們的財產往往隨著股票價值和殖利率而變動。因此投資者在進行投資之前，必須使用財務指標來評估及預測公司的表現。在泰國，投資者使用會計衡量法來評估上市公司的表現，典型的財務指標包括：每股盈餘、總資產報酬率、股東權益報酬率和純益率。價值基礎衡量法包含：經濟附加價值和市場附加價值，然而此衡量法仍尚未普及。因此本研究之研究目的在於檢視傳統會計衡量法和價值基礎衡量法對於股票報酬率的解釋能力。
就每股盈餘及產業而言，研究對象皆採用具代表性的上市公司。研究期間從2006 年至 2010 年，共計 190 間公司。實證結果指出，相較於經濟附加價值和市場附加價值，傳統會計衡量法與股票報酬率具有較高關聯性。在會計衡量中，即使不同產業，ROA 指標對股票報酬率的解釋力最佳。相對地，EVA 在某些產業中，與過去股票市場之研究結果並不一致，此結論包含泰國。因此本研究亦延伸探討經濟附加價值與股票報酬率兩者之間具有關聯性的公司，研究結果發現，經濟附加價值與股票報酬率具有相關性的公司，往往擁有較高淨值股價比(成長預測值)。
在部分投資組合報酬中，傳統的投資模式如價值及成長策略仍優於MVA及EVA策略。

The primary investment objective of investors is to create their wealth which is reflected in the change of stock market price and dividend yield they receive over the investment period. Thus, investors need financial tools to assess and forecast company performance before making investment decisions. Traditionally, such accounting measures as Earnings Per Share (EPS), Return On Assets (ROA), Return On Equity
(ROE) and Return On Sales (ROS) are basic tools for investors in Thailand to evaluate companies’ performance in the stock market. Value based approaches such as Economic Value Added (EVA) and Market Value Added (MVA) are not widely known
among investors yet. Therefore, this study aims to examine the explanatory power of various accounting measures (EPS, ROA, ROE and ROS ) and value based measures ( EVA and MVA ) on the stock returns.
This study focuses on 190 sample companies which are representative of all listed companies in the years from 2006-2010 in terms of the spread of EPS and industry diversification. The empirical results indicate that accounting measures are
more associated with stock returns than MVA and EVA respectively. Among accounting measures, ROA provides highest explanatory power on stock return although the analysis is done separately by sector. In contrast, the results for EVA appear in some sectors and are not consistent with the past research done in other stock markets including Thailand. Thus, the analysis is extended to examine the company characteristics that have relationship between EVA and stock return. The findings indicate that EVA tends to be associated with stock return in companies that have low book to market ratio. In terms of portfolio returns, typical investing styles, such as value and growth strategies still outperform the return from MVA and EVA strategies.

Thesis Approval Sheet……………………………………..i
Acknowledgement ……….………………………………..ii
Abstract (Mandarin).……..….…………… ………………iii
Abstract (English)...………………………………………..iv
Chapter I Introduction ………………...…...……………1
1.1 Background Information ………………………...…...1
1.2 Problem Statement ………………….......…………...3
1.3 Research Purpose...………………….….…………. .3
1.4 Scope and Limitation...……..…………….…………..4
Chapter II Literature review……........…………………..5
2.1 The Concept of Economic Value Added…….….......5
2.2 The Concept of Market Value Added………..……....8
2.3 Related Researches…......………………...................9
Chapter III Methodology ……......…...………………......14
3.1 Sample Selection …......………………….................14
3.2 Variables Definition and Valuation ...………...........16
3.3 Method……………………..………………………….20
Chapter IV Empirical Study …….......…………………...25
4.1 Descriptive Analysis……………...……….................25
4.2 Correlation Study…............……...………..................30
4.3 Regression Analysis ……...…………..…….….......31
4.4 Portfolio Returns…………………....………………..37
Chapter V Conclusions and Suggestions for Further Researches .…...…………...............................................39
5.1 Conclusions……………………………….................39
5.2 Suggestions for Further Researches………..........41

References…………………….……………………….....42
Appendix…………………...……………………...............44

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